Homeowner's insurance

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Homeowner's Insurance

Insurance that the buyer of a private residence purchases providing coverage for most damage to the residence. Typically, homeowner's insurance covers damage from fire, deliberate or accidental destruction of the home by a person, and other, similar matters. Nearly all homeowner's insurance policies exclude acts of God like earthquakes and floods from coverage, though one may buy supplementary policies to cover these eventualities.

Homeowner's insurance.

Homeowners insurance is a contract between an insurance company and a homeowner to cover certain types of damage to the property and its contents, theft of personal possessions, and liability in case of lawsuits based on incidents or events that occur on the property.

To obtain the insurance, which is based on the value of the home and what is covered in the policy, you pay a premium set by the insurance company.

For each claim there's generally a deductible -- a dollar amount -- that you must pay before the insurer is responsible for its share. If you have a mortgage loan, your lender will require you to have enough homeowners insurance to cover the amount you owe on the loan.

Homeowners insurance policies vary substantially from contract to contract and from insurer to insurer as well as from region to region. Almost all policies have exclusions, which are causes of loss that are not covered. All the coverage and exclusions of a particular policy are spelled out in the terms and conditions.

References in periodicals archive ?
PIANY has long called for standardization of triggers for deductibles in homeowners insurance policies, as insureds often do not know what incidents or damage prompt coverage to take effect and such triggers differ from policy to policy.
Homeowners insurance policies typically provide coverage for tornado-caused damage to the homes structure.
The addition of these new home insurance companies allows Triest Agency to provide the most competitive homeowners insurance policies to employees of these companies relocating to the South Carolina coast.
The FAIR Plan, like most homeowners insurance policies, won't cover damage resulting from an earthquake.
Two of the insurance companies profiled in the July 2009 feature "Standing the Test of Time" have a similar business model in that they write perpetual homeowners insurance policies.
Most standard homeowners insurance policies do not automatically provide complete replacement cost coverage.
While homeowners insurance policies cover appliances damaged or lost via emergencies or theft, they do not cover appliances that stop working as a result of normal wear and tear.
Many consumers may already have coverage under their life, health or homeowners insurance policies or credit card benefits.
This Southwest Florida insurance agency offers all types of homeowners insurance policies including those for home owners, apartment dwellers, and condominium residents.
Generally, homeowners insurance policies under $1 million in value went up by 3%, while policies over $1 million went up by 2%.
Donelon disagree that Hurricane Isaac will have influence on future rise in homeowners insurance policies with respect to the state s experience after Hurricane Gustav in 2008.
Homeowners have already been pummeled by rising rates, nonrenewals and threats of nonrenewal of their homeowners insurance policies.

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